Taking Retirement in Installments

One of my favorite lines from a fictional character came from mystery writer John MacDonald's Travis Magee: "I'm taking my retirement in installments." Magee was explaining his dedication to fishing & other fun stuff, but even for those of us who don't require frequent getaways, Magee's philosophy is probably more applicable today than we realize.

If you're under 55, it's a good bet that you won't be able to retire at age 65, unlike your parents. There are several reasons for this. First, there's a chance that the official retirement age for social security might be raised to 68 or 70. Second, workplace pensions are becoming less common than they were several decades ago, so many young workers will have to rely on their own savings or IRAs plus social security. Finally, it's just plain harder to save now, period. Many younger Boomers, Gen Xers and Millenials will likely need to work into their late 60s -70s.

Another possibility, one I haven't seen discussed much, is that members of younger generations may not live as long as their parents. Even those who do everything "right" - don't smoke, exercise, stick to a healthy diet - still need access to affordable health care. Without this, conditions that are treatable may go undiagnosed.

If there were a book about this, it would be called Not Your Parents' Retirement. This isn't something to stress about; after all, throughout most of human history, people have performed some sort of work in their families, clans or communities until the day they died. It simply means that each of us needs to stop postponing activities that give us joy or fulfill our purpose in life.

There are a lot of ways to take retirement in installments, depending on your situation and how much you're working now. Here are a few:

• Limit the amount of overtime you're willing to do. With some employers there may not be a choice. However, in the places I've worked, I've noticed that people who set boundaries at the beginning are less likely to get pressed to do OT than those who don't.
• Take your allotted vacation time. Most Americans don't.
• Set aside one of your weekly days off for working on your projects and passions, spending time with family and friends, taking a brief getaway or just resting. Take care of tedious chores the evening before so that you're free on your special day.
• Above all, if you have a strong sense of life purpose or mission, take it seriously. This is especially true if your purpose and your day job seem completely unconnected or if you must do your most meaningful work "after hours." Give it the respect it deserves. Once you're clear about priorities, it's amazing how much easier scheduling decisions become.

As the saying goes, life isn't a dress rehearsal. And there may not be any post-performance cast parties either. Now is the time to go for your dreams.